Market Overview:
Widespread advancements associated with various techniques to increase the shelf life of food items especially meat products without compromising the product quality has led to the development of freezing techniques. According to the study report published by Market Research Future (MRFR), the global frozen meat industry is anticipated to expand steadily at a CAGR of 4.36% during the forecast period of 2017-2023.
Market Drivers and Restraints:
The preference of ready-to-eat foods and meat product is increasing rapidly with the changing lifestyle and food habits across the globe. Rise in demand for meat products with increased shelf life without the addition of any preservatives is one of the major factors that are propelling the growth of the global frozen meat industry.
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Augmentation in online food delivery services coupled with fast-paced living standard is positively impacting on the expansion of the global frozen meat market during the forecast period. Worldwide proliferation in food joints and restaurants that majorly rely on frozen meat products is primarily fueling the growth of the global frozen meat market.
On the flip side, the processing cost of frozen meat is high, which further increases the price of frozen meat products. High cost and lack of storage facilities in less developed regions are likely to create hindrance in the growth of the global frozen meat industry during the forecast period. The outbreak of various diseases that are spreading through meat consumption has led to the recall of frozen meat stock in many regions such as in August 2018, batch of frozen crab meat has been urgently recalled due to listeria outbreak in Ireland. Such incidences are impacting negatively on the growth of the global frozen meat market.
Market Segmentation:
The global frozen meat industry has been segmented on the basis of product type, distribution channel and end-users. Based on product type, the frozen meat market is segmented into frozen processed meat and frozen whole cut. The frozen processed meat segment is anticipated to account for the major share of the global frozen meat industry by the end of the forecast period.
Based on distribution channel, the frozen meat industry is segmented into store-based and non-store based. The store-based segment is registered to expand at a significant rate in the global market during the forecast period. Based on end-users, the frozen meat industry is segmented into retail customers and service.
Regional Analysis:
Geographically, the global frozen meat industry is segmented into North America, Asia Pacific, Europe and the rest of the world. The Europe region is anticipated to project dominance over the global frozen meat industry during the forecast period owing to the high demand and supply of frozen food products in this region. The Asia Pacific region is registered to expand at a maximum rate in the global frozen meat industry owing to the increasing consumer preference towards meat products with higher shelf life in this region.
Competitive Analysis:
Various players in the global frozen meat market are concentrating on product quality to ensure the freshness and nutrition level of frozen meat. Increasing involvement of industry players in the global market is strengthening the competition in the global frozen meat industry.
The major players profiled by MRFR in the report on the global frozen meat industry are Marfrig Group. (Brazil), Kerry Group Plc. (Ireland), BRF S.A. (Brazil), Associated British Foods Plc. (the U.K.), Pilgrim’s Pride Corporation (the U.S.), Tyson Foods, Inc. (the U.S.) and Cargill Incorporated (the U.S.).
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